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Report FRS 102: Major changes to revenue recognitionExplore key changes to FRS 102 Section 23, including the new five-step revenue model and its impact on financial reporting in Ireland and the UK.
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Article Changes to filing options and requirements at Companies HouseFrom April 2027, Companies House will require all UK entities to file digital accounts. Learn what’s changing and how to prepare for the new rules.
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Article FRS 102 periodic review: Small companiesExplore key changes to small company disclosures under FRS 102 Section 1A, including UK GAAP updates on leases, tax, going concern and related parties.
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Article FRS 102 periodic review: Other changesOn 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
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One solution lies in mentoring, where mentors seek to create alignment between ambition and seasoned expertise. Effective leadership development programmes increasingly depend on mentoring to help competent managers evolve into exceptional leaders, gaining the critical insights, resilience, and adaptability necessary to thrive in a dynamic environment.
Effective leadership development programmes often embed mentoring as a core component from the beginning. These programmes provide leaders with the fundamental abilities they need to succeed, but mentoring can help personalise this journey.
It offers contextually relevant, real-word insights, and mentees benefit from mentors’ guidance, support, and experience as they overcome obstacles and develop their leadership skills. This is a crucial enhancement to formal leadership development programmes as it bridges the gap between theory and practice, offering valuable insights that are often absent from traditional development frameworks.
So, what contributes to effective mentoring? A clearly articulated and outcome-focused plan is required. Even experienced leaders benefit from mentor training, as mentoring calls for abilities such as active listening, empathy, and providing actionable feedback. While a leader’s wisdom is invaluable, it is equally essential to convey this knowledge in a way that empowers the mentee.
Technology can also be a mentor’s greatest tool. To keep mentors and mentees aligned, digital platforms include tools for goal setting, meeting scheduling, and progress tracking. These resources support mentors in providing mentees with organised, useful feedback and motivate mentees to prepare thoughtfully.
Additionally, remote and hybrid working employees can fully engage in mentoring using virtual mentoring platforms, promoting inclusivity in leadership development initiatives.
Group mentoring, often known as “mentoring circles”, can also be an effective strategy for organisations looking to foster a collaborative culture. This involves a small group of mentees being guided by one or two mentors, encouraging diverse perspectives and knowledge sharing.
Mentees can also learn from one another through group mentorship, which enriches the overall experience. Group mentoring is effective in developing a collaborative learning environment, encouraging engagement, and expanding the programme’s reach.
It should come as no surprise that 98% of Fortune 500 firms now provide mentoring programmes, recognising their significance in driving leadership development engagement. Employees who are provided with structured growth opportunities feel more valued, encouraged, and driven.
By encouraging resilience and adaptability in leaders, mentoring creates a culture of learning that makes them more equipped to manage complicated, rapidly-changing environments.
Perhaps most importantly, leaders who have benefited from mentoring contribute to the organisation’s growth cycle by becoming mentors themselves. This “mentor mindset” promotes collective effort and engagement in the workplace, making leadership a shared responsibility.
In addition to improving retention, such a culture supports the growth and progression of a robust pipeline of proficient leaders who can confidently steer the organisation through future challenges.
Mentoring is becoming an essential part of every leadership development programme and, through it, organisations are investing in a sustainable framework for leadership that fosters resilience, agility, and shared accountability.
The key question is no longer why organisations should integrate mentoring initiatives into leadership development programmes but, rather, can they afford not to?